Senior PLC
24 June 2003
24 June 2003
Pre Close Period Statement
Trading for the first five months of 2003 was in line with the Board's
expectations as set out in the AGM statement of 16 April 2003. Interim results
will be announced on 7 August 2003.
In the Aerospace Division, whilst sales are lower this year, the first half has
benefited from a higher percentage of defence and military work and from
operational improvements. The civil aircraft market is still very weak with the
SARS outbreak in the Far East adding to the pressure in the industry and we
expect demand in this sector to continue to be at a low level for the
foreseeable future. However, valuable incremental business continues to be won
on Airbus A380 and Joint Strike Fighter and this will help provide a basis for
longer term growth in the Division.
As anticipated, trading in the Automotive Division has been lower than the
previous year. This is primarily due to programmes ending and a slight slowdown
in its two main markets - the USA and Europe - where sales of finished vehicles
up until the end of May 2003 were down by 3% and 4% respectively. New product
development work for diesel engine components is accelerating however, and we
expect to win significant new business in this growing sector.
In the Industrial Division, markets continue to be weak both in North America
and Europe. Negotiations with interested parties are ongoing in respect of the
potential disposal of five out of the eight remaining profit centres within this
division.
The Board expects that the markets for the remainder of the year will continue
to be challenging but, with cash generation still a focus, a further reduction
in net debt is anticipated for 2003.
For further information please contact:
Senior plc
Graham Menzies, Group Chief Executive 01923 714702
Mark Rollins, Group Finance Director 01923 714738
Finsbury Group
Charlotte Hepburne-Scott 020 7251 3801
Gordon Simpson
This announcement can be viewed at: www.seniorplc.com
Note to Editors:
Senior is an international engineering group with annual sales of around £400m
and with operations in 12 countries. Senior designs, manufactures and markets
high technology components and systems for the principal original equipment
producers in the worldwide aerospace, automotive and specialised industrial
markets. Senior's policy is to enhance shareholder value by improving operating
performance and customer service levels and by developing its market positions
in the aerospace and automotive industries.
This information is provided by RNS
The company news service from the London Stock Exchange
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